[2014-08-19] Whatever happened to Bitcoin? (Hint: nothing good)

[patricktim]

http://www.nasdaq.com/article/whatever-happened-to-bitcoin-hint-nothing-good-cm381082

The more I read arguments supporting the idea that Bitcoin has some inherent value, the more I come to believe that a great many people were never taught the meaning of those words. Bitcoin derives its value from the faith investors have that its value will rise, and since most speculative investors consider their Bitcoins too valuable to spend, the infrastructure that might have given the imaginary currency a chance has never really materialized.

[CoinMode]

"When a stock market crony tells you to buy, you should sell. When a stock market crony tells you to not buy, you should buy." - Some Wise Investor


Let me sum up this article for all of you:
___________________________________________________________
Tens of thousands of additional buisinesses accepting bitcoin? Not good.
Price stabilizing exactly where it was expected to based on the continuation of the fractal bubble pattern? Not good.
Venture capital investments of  $250million in the last 8 months? Not good.
Ebay and Paypal both openly talking about adding bitcoin services? Not good.
Bitcoin ATM platforms being installed in hundreds of locations? Not good.
Regulators and government officials now writing bills to accomodate election donations in bitcoin? Not good.
Bank of America writing a report about the possible benefits of bitcoin for e-commerce? Not good.
The former and current heads of the Federal Reserve both saying bitcoin is a potentially useful financial tool? Not good.
Bitcoin debit cards being created and used around the world? Not good.
Travel agencies and hotels accepting bitcoin? Not good.
Switzerland opening their first bitcoin exchange? Not good.
Winklevoss ETF aka COIN being approved for listing soon on the stock exchange? Not good.
Nothing good has happened with bitcoin since the last bubble. Please GET OUT NOW so that WE can buy in!!!
_____________________________________________________________



Come on, NASDAQ, you don't have to make your manipulative editorials THAT obvious.

[Chef Ramsay]

Now that^ is a constructive post. Some of the peeps down in the speculation folder are stirring up a panic w/o the proper perspective.

[heartbit]

+1

This article is a poor excuse for journalism. Unverified "facts" and clear bias - topped off with poor investment advice.

SPY has returned 314% over 20 years and Bitcoin - even taking into account the recent price drop - has returned 10000%+ over 3 years, and his advice is that it would be better to invest in SPY??

Do they even teach math at the college he got his arts degree from???

[101111]

This kind of stupidity could almost be funny if it wasn't so sad. He must have put on his "Ignorant Bastard" hat to write that. One thing racing to zero is that guy's credibility and future earning potential. I don't even see how he can fall back on the 'it was parody' excuse.

[gmx95]

If nothing good happened to bitcoin, why Nasdaq is considering trading in it? They contradict themselves. It still looks possible that the price will recover and move back to at least $500-$600 range, but it may take some time.

[Ludi]

Now that^ is a constructive post. Some of the peeps down in the speculation folder are stirring up a panic w/o the proper perspective.

Agree. The sad thing is people will believe it. Users on here can seem so cynical and all they're interested in is the price going on so they can get rich. All we've had is good news so far this year and I'm sure more will come. People just need patience.

[micky123]

Hi all,

Just waiting for the day when everybody sees a Bitcoin for what it is, a Bitcoin. When will we stop identifying the value of BTC with Fiat? This is also the reason that so many alt's fail, they try to identify their value against BTC.

We should wake up to the fact that BTC is a currency in its own right and there are so many things you can purchase with BTC now, its mind-boggling. The debit card from Xapo also seeks to revolutionize BTC further. Why are we still stuck in the Fiat mindset? 1 BTC is still worth 1 BTC today, if you compare it with Fiat, you will feel it is losing value, but see it as a currency and you will find that 1 BTC = 1 BTC.

My 2 satoshi!  

[Kprawn]

Once you go deeper into articles like this, the smell of bullshit becomes stronger. 

Sometimes I wonder how much these guys and gals get paid, to do the dirty work of centralized corporate entities, like this.

I hope it's with BTC - At least when the price gets to $10 000 per BTC they can retire rich and write positive articles about BTC when they not getting paid to write bullshite like this.